On Tuesday, December 14, 2010, the federal government proposed a number of regulatory amendments to the Pension Benefits Standards Regulations, 1985 for public commentary. The proposed amendments are designed to increase protection of plan members and retirees and would, in part: permit plan sponsors to secure properly structured letters of credit in lieu of making…
Business Operation: New Brunswick
Federal Economic Recovery Bill Passes
On December 15, 2010, Bill C-47, the Sustaining Canada’s Economic Recovery Act, received Royal Assent. The Bill is omnibus legislation and addresses numerous measures of interest to employers, including: income tax reforms relating to stock option plans and employee life and health trusts as outlined in the March 2010 Budget previously reported on August 30,…
Federal Mandatory Reporting of Internet Child Pornography Bill Reported As Amended
On October 25, 2010, Bill C-22, the Protecting Children From Online Sexual Exploitation Act, was reported to the House of Commons as amended by the Standing Committee on Justice and Human Rights. As previously reported, Bill C-22 would impose a mandatory duty on “persons” (defined to include individuals, corporations, partnerships, unincorporated associations or organizations) providing…
Federal Government Introduces Sustaining Canada’s Economic Recovery Act
On September 30, 2010, the federal government introduced Bill C-47, the Sustaining Canada’s Economic Recovery Act. As outlined in the government announcement, Bill C-47 is omnibus legislation and addresses numerous measures of interest to employers including: income tax reforms relating to stock option plans and employee life and health trusts as outlined in the March…
Federal Government to Set Limits On EI Premium Rate Increase for 2011
On September 30, 2010, the federal government announced plans to limit the Employment Insurance (“EI”) maximum premium rate increase for 2011 to five cents per $100 of insurable earnings, and ten cents per $100 of insurable earnings for subsequent years. The rate increase is set by the Canada Employment Insurance Financing Board, which by November…
House of Commons Resumes Sitting
On September 20, 2010, the House of Commons resumed sitting.
Federal Government Releases Consultation Draft of Legislative Tax Proposals
The Department of Finance released draft legislative proposals in July and August of 2010 to implement a variety of tax measures, including those first outlined in its 2010 Budget along with several previously announced tax initiatives, for public consultation. The proposals outline significant changes to the tax rules applicable to employee stock options that will:…
Federal Government Introduces New Temporary Foreign Worker Regulations
On August 18, 2010, the federal government published new regulations applicable to temporary foreign workers (“TFWs”) under the Immigration and Refugee Protection Act. The Regulations Amending the Immigration and Refugee Protection Regulations (Temporary Foreign Workers) are designed to protect TFWs and minimize their exploitation by employers and third-party agents by amending the Immigration and Refugee…
Federal Budget Bill Receives Royal Assent
On Monday, July 12, 2010, Bill C-9, the Jobs And Economic Growth Act, received Royal Assent. As previously reported, Bill C-9 was introduced on March 29, 2010 and is omnibus legislation that amends various Acts to implement certain key measures outlined in the federal government’s 2010 Budget. Amendments to the Pension Benefits Standards Act (“PBSA”)…
Final Pension Regulations Released for Private Pension Plan Members
On June 25, 2010, the federal government released final regulations amending the Pension Benefits Standards Regulations, 1985. The regulations follow the publication of previously reported draft regulations on May 8, 2010, and are intended to enhance protections for private pension plan members by reducing funding volatility and modernizing the rules for investments by pension funds….